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Greg5000
Returning Member

I entered wrong "date placed in service" for my rental property 7 years ago

I entered the wrong "date placed in service" for my rental property 7 years ago, I sold the house last year and found this issue now in the Turbotax now.  I purchased the house in 2006 but use it for rental since 2013, when I file tax for 2013 using TurboTax I put  2006 as "date placed in service", this cause the  "prior Depreciation" too high, is there any way I can fix it now?

 

Thanks

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4 Replies

I entered wrong "date placed in service" for my rental property 7 years ago

Edit the asset and enter actual "placed in service" date.  For the "prior depreciation", enter the GREATER of (a) the ACTUAL amount of depreciation that you had claimed, or (b) the amount of depreciation that you SHOULD have taken.

Greg5000
Returning Member

I entered wrong "date placed in service" for my rental property 7 years ago

Thanks, Do I need to explain it in the description field when I enter the new correct "Prior depreciation

I entered wrong "date placed in service" for my rental property 7 years ago

No, there is no need for a description anywhere.

DavidD66
Expert Alumni

I entered wrong "date placed in service" for my rental property 7 years ago

Yes, the date placed in service can be adjusted.  To edit, while logged in to your return:

  • Click on Income & Expenses
  • Scroll down to "Rental Properties and Royalties" and click on Review
  • Scroll down to Assets and click on Review
  • Edit the Asset by entering the correct "In Service Date".

This should not change anything but your accumulated depreciation.

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